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| TABLE OF CONTENTS | ||||||||
| Page | ||||||||
| PART I | ||||||||
| PART II | ||||||||
| PART III | ||||||||
| PART IV | ||||||||
| Name | Age |
Present Title
(Fiscal Year First Became Executive Officer) |
Other Positions Held | ||||||||||||||
| Marc N. Casper | 52 | Chairman, President and Chief Executive Officer (2001) |
President and Chief Executive Officer (2009-2020)
Chief Operating Officer (2008-2009) Executive Vice President (2006-2009) |
||||||||||||||
| Mark P. Stevenson | 58 | Executive Vice President and Chief Operating Officer (2014) |
Executive Vice President and President, Life Sciences Solutions (2014-2017)
President and Chief Operating Officer, Life Technologies Corporation (2008-2014)
|
||||||||||||||
| Michel Lagarde | 47 | Executive Vice President (2017) |
Senior Vice President and President, Pharma Services (2017-2019)
President and Chief Operating Officer, Patheon N.V. (2016-2017) Managing Director, JLL Partners* (2008-2016) |
||||||||||||||
| Michael A. Boxer | 59 | Senior Vice President and General Counsel (2018) | Executive Vice President and Group General Counsel, Luxottica Group S.p.A. (2011-2017) | ||||||||||||||
| Stephen Williamson | 54 | Senior Vice President and Chief Financial Officer (2015) | Vice President, Financial Operations (2008-2015) | ||||||||||||||
| Peter E. Hornstra | 61 | Vice President and Chief Accounting Officer (2001) | Corporate Controller (1996-2007) | ||||||||||||||
| (Dollars in millions) | 2020 | 2019 | ||||||||||||||||||||||||
|
Revenues
|
||||||||||||||||||||||||||
|
Life Sciences Solutions
|
$ | 12,168 | 37.8 | % | $ | 6,856 | 26.8 | % | ||||||||||||||||||
|
Analytical Instruments
|
5,124 | 15.9 | % | 5,522 | 21.6 | % | ||||||||||||||||||||
|
Specialty Diagnostics
|
5,343 | 16.6 | % | 3,718 | 14.6 | % | ||||||||||||||||||||
|
Laboratory Products and Services
|
12,245 | 38.0 | % | 10,599 | 41.5 | % | ||||||||||||||||||||
|
Eliminations
|
(2,662) | (8.3) | % | (1,153) | (4.5) | % | ||||||||||||||||||||
| $ | 32,218 | 100 | % | $ | 25,542 | 100 | % | |||||||||||||||||||
| (In millions) | 2020 | 2019 |
Total
Change |
Currency
Translation |
Acquisitions/Divestitures | Operations | ||||||||||||||||||||||||||||||||
|
Revenues
|
||||||||||||||||||||||||||||||||||||||
|
Life Sciences Solutions
|
$ | 12,168 | $ | 6,856 | $ | 5,312 | $ | 29 | $ | — | $ | 5,283 | ||||||||||||||||||||||||||
|
Analytical Instruments
|
5,124 | 5,522 | (398) | 39 | — | (437) | ||||||||||||||||||||||||||||||||
|
Specialty Diagnostics
|
5,343 | 3,718 | 1,625 | 14 | (121) | 1,732 | ||||||||||||||||||||||||||||||||
|
Laboratory Products and Services
|
12,245 | 10,599 | 1,646 | 52 | 184 | 1,410 | ||||||||||||||||||||||||||||||||
|
Eliminations
|
(2,662) | (1,153) | (1,509) | (1) | 15 | (1,523) | ||||||||||||||||||||||||||||||||
|
Consolidated Revenues
|
$ | 32,218 | $ | 25,542 | $ | 6,676 | $ | 133 | $ | 78 | $ | 6,465 | ||||||||||||||||||||||||||
| (Dollars in millions) | 2020 | 2019 | Change | |||||||||||||||||
|
Revenues
|
||||||||||||||||||||
|
Life Sciences Solutions
|
$ | 12,168 | $ | 6,856 | 77 | % | ||||||||||||||
|
Analytical Instruments
|
5,124 | 5,522 | (7) | % | ||||||||||||||||
|
Specialty Diagnostics
|
5,343 | 3,718 | 44 | % | ||||||||||||||||
|
Laboratory Products and Services
|
12,245 | 10,599 | 16 | % | ||||||||||||||||
|
Eliminations
|
(2,662) | (1,153) | 131 | % | ||||||||||||||||
|
Consolidated Revenues
|
$ | 32,218 | $ | 25,542 | 26 | % | ||||||||||||||
|
Segment Income
|
||||||||||||||||||||
|
Life Sciences Solutions
|
$ | 6,109 | $ | 2,446 | 150 | % | ||||||||||||||
|
Analytical Instruments
|
808 | 1,273 | (37) | % | ||||||||||||||||
|
Specialty Diagnostics
|
1,368 | 930 | 47 | % | ||||||||||||||||
|
Laboratory Products and Services
|
1,271 | 1,324 | (4) | % | ||||||||||||||||
|
Subtotal Reportable Segments
|
9,556 | 5,973 | 60 | % | ||||||||||||||||
|
Cost of Revenues Charges
|
(6) | (17) | ||||||||||||||||||
|
Selling, General and Administrative Charges, Net
|
10 | (62) | ||||||||||||||||||
|
Restructuring and Other (Costs) Income, Net
|
(99) | 413 | ||||||||||||||||||
|
Amortization of Acquisition-related Intangible Assets
|
(1,667) | (1,713) | ||||||||||||||||||
|
Consolidated Operating Income
|
$ | 7,794 | $ | 4,594 | 70 | % | ||||||||||||||
|
Reportable Segments Income Margin
|
29.7 | % | 23.4 | % | ||||||||||||||||
|
Consolidated Operating Income Margin
|
24.2 | % | 18.0 | % | ||||||||||||||||
| (Dollars in millions) | 2020 | 2019 | Change | |||||||||||||||||
| Revenues | $ | 12,168 | $ | 6,856 | 77 | % | ||||||||||||||
| Operating Income Margin | 50.2 | % | 35.7 | % | 14.5 pt | |||||||||||||||
| (Dollars in millions) | 2020 | 2019 | Change | |||||||||||||||||
| Revenues | $ | 5,124 | $ | 5,522 | (7) | % | ||||||||||||||
| Operating Income Margin | 15.8 | % | 23.1 | % | -7.3 pt | |||||||||||||||
| (Dollars in millions) | 2020 | 2019 | Change | |||||||||||||||||
| Revenues | $ | 5,343 | $ | 3,718 | 44 | % | ||||||||||||||
| Operating Income Margin | 25.6 | % | 25.0 | % | 0.6 pt | |||||||||||||||
| (Dollars in millions) | 2020 | 2019 | Change | |||||||||||||||||
| Revenues | $ | 12,245 | $ | 10,599 | 16 | % | ||||||||||||||
| Operating Income Margin | 10.4 | % | 12.5 | % | -2.1 pt | |||||||||||||||
|
See the Exhibit Index on page
37
.
|
||
| Date: | February 24, 2021 | THERMO FISHER SCIENTIFIC INC. | |||||||||
| By: | /s/ Marc N. Casper | ||||||||||
| Marc N. Casper | |||||||||||
| Chairman, President and Chief Executive Officer | |||||||||||
|
By:
|
/s/ Marc N. Casper |
By:
|
/s/ Thomas J. Lynch
|
|||||||||||
|
Marc N. Casper
|
Thomas J. Lynch
|
|||||||||||||
| Chairman, President and Chief Executive Officer | Lead Director | |||||||||||||
| (Principal Executive Officer) | ||||||||||||||
|
By:
|
/s/ Stephen Williamson |
By:
|
/s/ Jim P. Manzi | |||||||||||
| Stephen Williamson | Jim P. Manzi | |||||||||||||
| Senior Vice President and Chief Financial Officer | Director | |||||||||||||
| (Principal Financial Officer) | ||||||||||||||
|
By:
|
/s/ Peter E. Hornstra |
By:
|
/s/ James C. Mullen | |||||||||||
| Peter E. Hornstra | James C. Mullen | |||||||||||||
| Vice President and Chief Accounting Officer | Director | |||||||||||||
| (Principal Accounting Officer) | ||||||||||||||
|
By:
|
/s/ Nelson J. Chai |
By:
|
/s/ Lars R. S
ø
rensen
|
|||||||||||
| Nelson J. Chai |
Lars R. S
ø
rensen
|
|||||||||||||
| Director | Director | |||||||||||||
|
By:
|
/s/ C. Martin Harris |
By:
|
/s/ Debora L. Spar
|
|||||||||||
| C. Martin Harris |
Debora L. Spar
|
|||||||||||||
| Director | Director | |||||||||||||
|
By:
|
/s/ Tyler E. Jacks |
By:
|
/s/ Scott M. Sperling | |||||||||||
| Tyler E. Jacks | Scott M. Sperling | |||||||||||||
| Director | Director | |||||||||||||
|
By:
|
/s/ R. Alexandra Keith | By: | /s/ Dion J. Weisler | |||||||||||
| R. Alexandra Keith | Dion J. Weisler | |||||||||||||
| Director | Director | |||||||||||||
|
By:
|
/s/ Judy C. Lewent | |||||||||||||
| Judy C. Lewent | ||||||||||||||
| Director | ||||||||||||||
| Exhibit Number | Description of Exhibit | |||||||
| 3.1 |
Amended and Restated Certificate of Incorporation of the Registrant
(filed as Exhibit 3.1 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2005 [File No. 1-8002] and incorporated in this document by reference).
|
|||||||
| 3.2 |
Amendment to Thermo Fisher Scientific Inc.’s Third Amended and Restated Certificate of Incorporation
(filed as Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed November 14, 2006 [File No. 1-8002] and incorporated in this document by reference).
|
|||||||
| 3.3 |
Certificate of Elimination of the Series B Junior Participating Preferred Stock of the Company, dated November 13, 2015
(filed as Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed November 16, 2015 [File No. 1-8002] and incorporated in this document by reference).
|
|||||||
| 3.4 |
Amended and Restated By-Laws of the Registrant, as amended and effective as of February 23, 2021
(filed as Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed February 24, 2021 [File No. 1-8002] and incorporated in this document by reference).
|
|||||||
| The Registrant agrees, pursuant to Item 601(b)(4)(iii)(A) of Regulation S-K, to furnish to the Commission, upon request, a copy of each instrument with respect to long-term debt of the Registrant or its consolidated subsidiaries. | ||||||||
| 4.1 |
Indenture dated as of November 20, 2009 between the Company and The Bank of New York Mellon Trust Company, N.A.
(filed as Exhibit 99.1 to the Registrant’s Current Report on Form 8-K filed November 20, 2009 [File No. 1-8002] and incorporated in this document by reference).
|
|||||||
| 4.2 |
Sixth Supplemental Indenture, dated as of December 11, 2013, between the Company and The Bank of New York Mellon Trust Company, N.A.
(filed as Exhibit 99.2 to the Registrant’s Current Report on Form 8-K filed December 11, 2013 [File No. 1-8002] and incorporated in this document by reference).
|
|||||||
| 4.3 |
Eighth Supplemental Indenture, dated as of November 24, 2014, among the Company, The Bank of New York Mellon Trust Company, N.A., as trustee, and The Bank of New York Mellon, London Branch, as paying agent
(filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed November 24, 2014 [File No. 1-8002] and incorporated in this document by reference).
|
|||||||
| 4.4 |
Ninth Supplemental Indenture, dated as of July 21, 2015, among the Company, The Bank of New York Mellon Trust Company, N.A., as trustee, and The Bank of New York Mellon, London Branch, as paying agent
(filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed July 21, 2015 [File No. 1-8002] and incorporated in this document by reference).
|
|||||||
| 4.5 |
Eleventh Supplemental Indenture, dated as of December 9, 2015, between the Company and The Bank of New York Mellon Trust Company, N.A.
(filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed December 9, 2015 [File No. 1-8002] and incorporated in this document by reference).
|
|||||||
| 4.6 |
Twelfth Supplemental Indenture, dated as of April 13, 2016, between the Company and The Bank of New York Mellon Trust Company, N.A.
(filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed April 13, 2016 [File No. 1-8002] and incorporated in this document by reference).
|
|||||||
| 4.7 |
Thirteenth Supplemental Indenture, dated as of September 12, 2016, between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee
(filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed September 12, 2016 [File No. 1-8002] and incorporated in this document by reference).
|
|||||||
| 4.8 |
Fourteenth Supplemental Indenture, dated as of September 19, 2016, between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee
(filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed September 19, 2016 [File No. 1-8002] and incorporated in this document by reference).
|
|||||||
| 4.9 |
Fifteenth Supplemental Indenture, dated as of March 16, 2017, between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee
(filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed March 16, 2017 [File No. 1-8002] and incorporated in this document by reference).
|
|||||||
| 4.10 |
Sixteenth Supplemental Indenture, dated as of July 24, 2017, between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee
(filed as Exhibit 4.2 to the Registrant's Current Report on Form 8-K filed July 24, 2017 [File No. 1-8002] and incorporated in this document by reference).
|
|||||||
| 4.11 |
Seventeenth Supplemental Indenture, dated as of August 14, 2017, between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee
(filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed August 14, 2017 [File No. 1-8002] and incorporated in this document by reference).
|
|||||||
| 4.12 |
Eighteenth Supplemental Indenture, dated as of September 30, 2019, between the Company, as issuer, and The Bank of New York Mellon Trust Company, N.A., as trustee
(filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed September 30, 2019 [File No. 1-8002] and incorporated in this document by reference).
|
|||||||
| 4.13 |
Nineteenth Supplemental Indenture, dated as of October 8, 2019, between the Company, as issuer, and the Bank of New York Mellon Trust Company, N.A., as trustee
(filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed October 8, 2019 [File No. 1-8002] and incorporated in this document by reference).
|
|||||||
| 4.14 |
Twentieth Supplemental Indenture, dated as of March 25, 2020 between the Company, as issuer, and The Bank of New York Mellon Trust Company, N.A., as trustee
(filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed March 26, 2020 [File No. 1-8002] and incorporated in this document by reference).
|
|||||||
| 4.15 |
Twenty-First Supplemental Indenture, dated as of April 2, 2020, between the Company, as issuer, and The Bank of New York Mellon Trust Company, N.A., as trustee
(filed as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed April 2, 2020 [File No. 1-8002] and incorporated in this document by reference).
|
|||||||
| Exhibit Number | Description of Exhibit | |||||||
| 4.16 |
Description of the Registrant’s Securities
(filed as Exhibit 4.16 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2019 [File No. 1-8002] and incorporated in this document by reference).
|
|||||||
| 10.1 |
Thermo Fisher Scientific Inc. Deferred Compensation Plan for Directors of the Registrant, as amended and restated on September 12, 2007
(filed as Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 29, 2007 [File No. 1‑8002] and incorporated in this document by reference).*
|
|||||||
| 10.2 |
Thermo Electron Corporation Deferred Compensation Plan, effective November 1, 2001
(filed as Exhibit 10.13 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 29, 2001 [File No. 1-8002] and incorporated in this document by reference).*
|
|||||||
| 10.3 |
Form of Amended and Restated Indemnification Agreement between the Registrant and its directors and officers (filed as Exhibit 10.2 to the
Registrant’s Registration Statement on Form S-4
[Reg. No. 333-90661] and incorporated in this document by reference).*
|
|||||||
| 10.4 |
Summary of Thermo Fisher Scientific Inc. Annual Director Compensation
(filed as Exhibit 10.4 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2019 [File No. 1-8002] and incorporated in this document by reference).*
|
|||||||
| 10.5 |
Summary of 2019 Annual Cash Incentive Plan Matters (set forth in Item 5.02 to the Registrant’s
Current Report on Form 8-K filed February 28, 2019
[File No.1-8002] under the heading “Compensatory Arrangements of Certain Officers” and incorporated in this document by reference).*
|
|||||||
| 10.6 |
Form of Noncompetition Agreement between the Registrant and certain key employees and executive officers
(filed as Exhibit 10.25 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2009 [File No. 1-8002] and incorporated in this document by reference).*
|
|||||||
| 10.7 | Retirement Plan for Non-Employee Directors of Fisher Scientific International Inc. (filed as Exhibit 10.12 to Fisher Scientific International Inc.’s Annual Report on Form 10-K for the year ended December 31, 1992 [File No. 1-10920] and incorporated in this document by reference).* | |||||||
| 10.8 |
First Amendment to the Fisher Scientific International Inc. Retirement Plan for Non-Employee Directors
(filed as Exhibit 10.04 to Fisher Scientific International Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2005 [File No. 1-10920] and incorporated in this document by reference).*
|
|||||||
| 10.9 |
Amendment to Retirement Plan for Non-Employee Directors of Fisher Scientific International Inc.
(filed as Exhibit 10.02 to Fisher Scientific International Inc.’s Current Report on Form 8-K filed March 7, 2006 [File No. 1-10920] and incorporated in this document by reference).*
|
|||||||
| 10.10 |
Thermo Fisher Scientific Inc. Amended and Restated 2005 Deferred Compensation Plan, effective January 1, 2020
(filed as Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 27, 2020 [File No. 1-8002] and incorporated in this document by reference).*
|
|||||||
| 10.11 |
2009 Restatement of Executive Severance Agreement, between Marc Casper and the Registrant, dated November 21, 2009
(filed as Exhibit 10.5 to the Registrant’s Current Report on Form 8-K filed November 25, 2009 [File No. 1-8002] and incorporated in this document by reference).*
|
|||||||
| 10.12 |
Executive Change In Control Retention Agreement, between Marc Casper and the Registrant, dated November 21, 2009
(filed as Exhibit 10.6 to the Registrant’s Current Report on Form 8-K filed November 25, 2009 [File No. 1-8002] and incorporated in this document by reference).*
|
|||||||
| 10.13 |
Noncompetition Agreement, between Marc Casper and the Registrant, dated November 21, 2009
(filed as Exhibit 10.7 to the Registrant’s Current Report on Form 8-K filed November 25, 2009 [File No. 1-8002] and incorporated in this document by reference).*
|
|||||||
| 10.14 |
Amendment No. 1 to 2009 Restatement of Executive Severance Agreement, dated February 25, 2010, between the Registrant and Marc N. Casper
(filed as Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed February 25, 2010 [File No. 1-8002] and incorporated in this document by reference).*
|
|||||||
| 10.15 |
Amendment No. 2 to 2009 Restatement of Executive Severance Agreement, dated November 30, 2010, between the Registrant and Marc N. Casper
(filed as Exhibit 10.55 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2010 [File No. 1-8002] and incorporated in this document by reference).*
|
|||||||
| 10.16 |
Amendment No. 1 to Executive Change In Control Retention Agreement, dated November 30, 2010, between Marc N. Casper and the Registrant
(filed as Exhibit 10.56 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2010 [File No. 1-8002] and incorporated in this document by reference).*
|
|||||||
| 10.17 |
Amendment No. 2 to Executive Change in Control Retention Agreement, dated March 16, 2018, between Marc N. Casper and the Registrant
(filed as Exhibit 10.3 to the Registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 [File No. 1-8002] and incorporated in this document by reference).*
|
|||||||
| 10.18 |
Form of Executive Change in Control Retention Agreement for Officers (other than Marc Casper)
(filed as Exhibit 10.2 to the Registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 [File No. 1-8002] and incorporated in this document by reference).*
|
|||||||
| 10.19 |
Form of Thermo Fisher Scientific Inc.’s Restricted Stock Unit Agreement for Directors
(filed as Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended April 2, 2011 [File No. 1-8002] and incorporated in this document by reference).*
|
|||||||
| Exhibit Number | Description of Exhibit | |||||||
| 10.20 |
Form of Thermo Fisher Scientific Inc.’s Performance Restricted Stock Unit Agreement
(filed as Exhibit 10.4 to the Registrant’s Current Report on Form 8-K filed February 27, 2013 [File No. 1-8002] and incorporated in this document by reference).*
|
|||||||
| 10.21 |
Form of Thermo Fisher Scientific Inc.’s Restricted Stock Unit Agreement
(filed as Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed February 27, 2013 [File No. 1-8002] and incorporated in this document by reference).*
|
|||||||
| 10.22 |
Form of Performance Restricted Stock Unit Agreement between Thermo Fisher Scientific Inc. and Marc Casper
(filed as Exhibit 10.3 to the Registrant’s Current Report on Form 8-K filed February 27, 2013 [File No. 1-8002] and incorporated in this document by reference).*
|
|||||||
| 10.23 |
Form of Restricted Stock Unit Agreement between Thermo Fisher Scientific Inc. and Marc Casper
(filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed February 27, 2013 [File No. 1-8002] and incorporated in this document by reference).*
|
|||||||
| 10.24 |
Form of Stock Option Agreement between Thermo Fisher Scientific Inc. and Marc Casper
(filed as Exhibit 10.5 to the Registrant’s Current Report on Form 8-K filed February 27, 2013 [File No. 1-8002] and incorporated in this document by reference).*
|
|||||||
| 10.25 |
Thermo Fisher Scientific Inc. 2013 Stock Incentive Plan
(filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed May 23, 2013 [File No. 1-8002] and incorporated in this document by reference).*
|
|||||||
| 10.26 |
Supplemental Executive Retirement Plan effective as of December 31, 2005, as amended and restated as of August 28, 2006
(filed as Exhibit 10.3 to Applera Corporation’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2006 [File No. 1-04389] and incorporated in this document by reference).*
|
|||||||
| 10.27 |
Amendment to Supplemental Executive Retirement Plan, effective as of January 1, 2010
(filed as Exhibit 10.1 to Life Technologies Corporation’s Current Report on Form 8-K filed December 18, 2009 [File No. 000-25317] and incorporated in this document by reference).*
|
|||||||
| 10.28 |
Noncompetition Agreement between the Registrant and Mark Stevenson, dated September 10, 2015
(filed as Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 26, 2015 [File No. 1-8002] and incorporated in this document by reference).*
|
|||||||
| 10.29 |
Form of Thermo Fisher Scientific Inc.’s Stock Option Agreement for Officers
(filed as Exhibit 10.44 to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2016 [File No. 1-8002] and incorporated in this document by reference).*
|
|||||||
| 10.30 |
Patheon N.V. 2016 Omnibus Incentive Plan
(filed as Exhibit 10.2 to the Current Report on Form 8-K filed by Patheon N.V. on July 26, 2016 [File No. 001-37837] and incorporated in this document by reference).*
|
|||||||
| 10.31 |
Amendment to Patheon N.V. 2016 Omnibus Incentive Plan, dated March 7, 2017
(filed as exhibit 4.5 to the Registrant's Registration Statement on Form S-8 filed August 29, 2017 [File No. 1-8002] and incorporated in this document by reference).*
|
|||||||
| 10.32 |
Amendment to Patheon N.V. 2016 Omnibus Incentive Plan, dated August 23, 2017
(filed as exhibit 4.6 to the Registrant's Registration Statement on Form S-8 filed August 29, 2017 [File No. 1-8002] and incorporated in this document by reference).*
|
|||||||
| 10.33 |
Credit Agreement, dated December 4, 2020, among Thermo Fisher Scientific Inc., certain Subsidiaries of Thermo Fisher Scientific Inc. from time to time party thereto, Bank of America, N.A., as Administrative Agent and each lender from time to time party there
to
(filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed December 4, 2020 [File No. 1-8002] and incorporated in this document by reference).
|
|||||||
| 10.34 |
Form of Performance Restricted Stock Unit Agreement effective February 26, 2019
(filed as Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 30, 2019 [File No. 1-8002] and incorporated in this document by reference).*
|
|||||||
| 10.35 |
Form of Performance Restricted Stock Unit Agreement for Marc Casper effective February 26, 2019
(filed as Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 30, 2019 [File No. 1-8002] and incorporated in this document by reference).*
|
|||||||
| 10.36 |
Letter Agreement between the Registrant and Michel Lagarde dated August 28, 2017
(filed as Exhibit 10.39 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2019 [File No. 1-8002] and incorporated in this document by reference).*
|
|||||||
| 10.37 |
Option Agreement Under the Patheon N.V. 2016 Omnibus Incentive Plan between Patheon N.V. and Michel Lagarde dated July 20, 2016
(filed as Exhibit 10.40 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2019 [File No. 1-8002] and incorporated in this document by reference).*
|
|||||||
| 10.38 |
Option Agreement Under the Patheon N.V. 2016 Omnibus Incentive Plan between Patheon N.V. and Michel Lagarde dated March 23, 2017
(filed as Exhibit 10.42 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2019 [File No. 1-8002] and incorporated in this document by reference).*
|
|||||||
| 10.39 |
Thermo Fisher Scientific Inc. Executive Severance Policy
(filed as Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 29, 2019 [File No. 1-8002] and incorporated in this document by reference).*
|
|||||||
| Exhibit Number | Description of Exhibit | |||||||
| 10.40 |
Form of Noncompetition Agreement between the Registrant and certain key employees and executive officers
(filed as Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 29, 2019 [File No. 1-8002] and incorporated in this document by reference).*
|
|||||||
| 10.41 |
Form of Thermo Fisher Scientific Inc.’s Performance Restricted Stock Unit Agreement
(filed as Exhibit 10.45 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2019 [File No. 1-8002] and incorporated in this document by reference).*
|
|||||||
| 10.42 |
Form of Thermo Fisher Scientific Inc.’s Restricted Stock Unit Agreement
(filed as Exhibit 10.46 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2019 [File No. 1-8002] and incorporated in this document by reference).*
|
|||||||
| 10.43 |
Form of Thermo Fisher Scientific Inc.’s Stock Option Agreement for Officers
(filed as Exhibit 10.47 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2019 [File No. 1-8002] and incorporated in this document by reference).*
|
|||||||
| 10.44 |
Form of Performance Restricted Stock Unit Agreement between Thermo Fisher Scientific Inc. and Marc Casper
(filed as Exhibit 10.48 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2019 [File No. 1-8002] and incorporated in this document by reference).*
|
|||||||
| 10.45 |
Form of Restricted Stock Unit Agreement between Thermo Fisher Scientific Inc. and Marc Casper
(filed as Exhibit 10.49 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2019 [File No. 1-8002] and incorporated in this document by reference).*
|
|||||||
| 10.46 |
Form of Stock Option Agreement between Thermo Fisher Scientific Inc. and Marc Casper
(filed as Exhibit 10.50 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2019 [File No. 1-8002] and incorporated in this document by reference).*
|
|||||||
| 10.47 | ||||||||
| 10.48 | ||||||||
| 10.49 | ||||||||
| 21 | ||||||||
| 23.1 | ||||||||
| 31.1 | ||||||||
| 31.2 | ||||||||
| 32.1 | ||||||||
| 32.2 | ||||||||
| 101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
| 101.SCH | XBRL Taxonomy Extension Schema Document. | |||||||
| 101.CAL | XBRL Taxonomy Calculation Linkbase Document. | |||||||
| 101.DEF | XBRL Taxonomy Definition Linkbase Document. | |||||||
| 101.LAB | XBRL Taxonomy Label Linkbase Document. | |||||||
| 101.PRE | XBRL Taxonomy Presentation Linkbase Document. | |||||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | |||||||
| Page | |||||
| Report of Independent Registered Public Accounting Firm | |||||
| Consolidated Balance Sheet as of December 31, 2020 and 2019 | |||||
| Consolidated Statement of Income for the years ended December 31, 2020, 2019 and 2018 |
F-
7
|
||||
| Consolidated Statement of Comprehensive Income for the years ended December 31, 2020, 2019 and 2018 |
F-
8
|
||||
| Consolidated Statement of Cash Flows for the years ended December 31, 2020, 2019 and 2018 |
F-
9
|
||||
| Consolidated Statement of Shareholders’ Equity for the years ended December 31, 2020, 2019 and 2018 |
F-
10
|
||||
| Notes to Consolidated Financial Statements |
F-
11
|
||||
| December 31, | December 31, | |||||||||||||
| (In millions except share and per share amounts) | 2020 | 2019 | ||||||||||||
| Assets | ||||||||||||||
| Current Assets: | ||||||||||||||
|
Cash and cash equivalents
|
$ |
|
$ |
|
||||||||||
|
Accounts receivable, less allowances of $
|
|
|
||||||||||||
|
Inventories
|
|
|
||||||||||||
|
Contract assets, net
|
|
|
||||||||||||
|
Other current assets
|
|
|
||||||||||||
|
Total current assets
|
|
|
||||||||||||
|
Property, Plant and Equipment, Net
|
|
|
||||||||||||
|
Acquisition-related Intangible Assets, Net
|
|
|
||||||||||||
|
Other Assets
|
|
|
||||||||||||
|
Goodwill
|
|
|
||||||||||||
|
Total Assets
|
$ |
|
$ |
|
||||||||||
|
Liabilities and Shareholders' Equity
|
||||||||||||||
|
Current Liabilities:
|
||||||||||||||
|
Short-term obligations and current maturities of long-term obligations
|
$ |
|
$ |
|
||||||||||
|
Accounts payable
|
|
|
||||||||||||
|
Accrued payroll and employee benefits
|
|
|
||||||||||||
|
Contract liabilities
|
|
|
||||||||||||
|
Other accrued expenses
|
|
|
||||||||||||
|
Total current liabilities
|
|
|
||||||||||||
|
Deferred Income Taxes
|
|
|
||||||||||||
|
Other Long-term Liabilities
|
|
|
||||||||||||
|
Long-term Obligations
|
|
|
||||||||||||
|
Commitments and Contingencies (Note 12)
|
|
|
||||||||||||
|
Shareholders' Equity:
|
||||||||||||||
|
Preferred stock, $
|
|
|
||||||||||||
|
Common stock, $
|
|
|
||||||||||||
|
Capital in excess of par value
|
|
|
||||||||||||
|
Retained earnings
|
|
|
||||||||||||
|
Treasury stock at cost,
|
(
|
(
|
||||||||||||
|
Accumulated other comprehensive items
|
(
|
(
|
||||||||||||
|
Total shareholders' equity
|
|
|
||||||||||||
|
Total Liabilities and Shareholders' Equity
|
$ |
|
$ |
|
||||||||||
| Year Ended | ||||||||||||||||||||
| December 31, | December 31, | December 31, | ||||||||||||||||||
| (In millions except per share amounts) | 2020 | 2019 | 2018 | |||||||||||||||||
|
Revenues
|
||||||||||||||||||||
|
Product revenues
|
$ |
|
$ |
|
$ |
|
||||||||||||||
|
Service revenues
|
|
|
|
|||||||||||||||||
|
Total revenues
|
|
|
|
|||||||||||||||||
|
Costs and Operating Expenses:
|
||||||||||||||||||||
|
Cost of product revenues
|
|
|
|
|||||||||||||||||
|
Cost of service revenues
|
|
|
|
|||||||||||||||||
|
Selling, general and administrative expenses
|
|
|
|
|||||||||||||||||
|
Research and development expenses
|
|
|
|
|||||||||||||||||
|
Restructuring and other costs (income), net
|
|
(
|
|
|||||||||||||||||
|
Total costs and operating expenses
|
|
|
|
|||||||||||||||||
|
Operating Income
|
|
|
|
|||||||||||||||||
|
Interest Income
|
|
|
|
|||||||||||||||||
|
Interest Expense
|
(
|
(
|
(
|
|||||||||||||||||
|
Other (Expense) Income, Net
|
(
|
(
|
|
|||||||||||||||||
|
Income Before Income Taxes
|
|
|
|
|||||||||||||||||
|
Provision for Income Taxes
|
(
|
(
|
(
|
|||||||||||||||||
|
Net Income
|
$ |
|
$ |
|
$ |
|
||||||||||||||
|
Earnings per Share
|
||||||||||||||||||||
|
Basic
|
$ |
|
$ |
|
$ |
|
||||||||||||||
|
Diluted
|
$ |
|
$ |
|
$ |
|
||||||||||||||
|
Weighted Average Shares
|
||||||||||||||||||||
|
Basic
|
|
|
|
|||||||||||||||||
|
Diluted
|
|
|
|
|||||||||||||||||
| Year Ended | ||||||||||||||||||||
| December 31, | December 31, | December 31, | ||||||||||||||||||
| (In millions) | 2020 | 2019 | 2018 | |||||||||||||||||
|
Comprehensive Income
|
||||||||||||||||||||
|
Net Income
|
$ |
|
$ |
|
$ |
|
||||||||||||||
|
Other Comprehensive Items:
|
||||||||||||||||||||
|
Currency translation adjustment:
|
||||||||||||||||||||
|
Currency translation adjustment (net of tax (benefit) provision of $(
|
(
|
(
|
(
|
|||||||||||||||||
|
Reclassification adjustment for losses included in net income
|
|
|
|
|||||||||||||||||
|
Unrealized gains and losses on hedging instruments:
|
||||||||||||||||||||
|
Unrealized losses on hedging instruments (net of tax benefit of $
|
(
|
(
|
|
|||||||||||||||||
|
Reclassification adjustment for losses included in net income (net of tax benefit of $
|
|
|
|
|||||||||||||||||
|
Pension and other postretirement benefit liability adjustments:
|
||||||||||||||||||||
|
Pension and other postretirement benefit liability adjustments arising during the period (net of tax (benefit) provision of $(
|
(
|
(
|
|
|||||||||||||||||
|
Amortization of net loss and prior service benefit included in net periodic pension cost (net of tax benefit of $
|
|
|
|
|||||||||||||||||
|
Total other comprehensive items
|
(
|
(
|
(
|
|||||||||||||||||
|
Comprehensive Income
|
$ |
|
$ |
|
$ |
|
||||||||||||||
| Year Ended | ||||||||||||||||||||
| December 31, | December 31, | December 31, | ||||||||||||||||||
| (In millions) | 2020 | 2019 | 2018 | |||||||||||||||||
| Operating Activities | ||||||||||||||||||||
|
Net income
|
$ |
|
$ |
|
$ |
|
||||||||||||||
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||||||||||||||
|
Depreciation of property, plant and equipment
|
|
|
|
|||||||||||||||||
|
Amortization of acquisition-related intangible assets
|
|
|
|
|||||||||||||||||
|
Change in deferred income taxes
|
(
|
(
|
(
|
|||||||||||||||||
|
Gain on sales of businesses
|
|
(
|
|
|||||||||||||||||
|
Stock-based compensation
|
|
|
|
|||||||||||||||||
|
Loss on early extinguishment of debt
|
|
|
|
|||||||||||||||||
|
Other non-cash expenses, net
|
|
|
|
|||||||||||||||||
|
Changes in assets and liabilities, excluding the effects of acquisitions and disposition:
|
||||||||||||||||||||
|
Accounts receivable
|
(
|
(
|
(
|
|||||||||||||||||
|
Inventories
|
(
|
(
|
(
|
|||||||||||||||||
|
Accounts payable
|
|
|
|
|||||||||||||||||
|
Contributions to retirement plans
|
(
|
(
|
(
|
|||||||||||||||||
|
Other
|
|
(
|
|
|||||||||||||||||
|
Net cash provided by operating activities
|
|
|
|
|||||||||||||||||
|
Investing Activities
|
||||||||||||||||||||
|
Acquisitions, net of cash acquired
|
(
|
(
|
(
|
|||||||||||||||||
|
Proceeds from sale of business, net of cash divested
|
|
|
|
|||||||||||||||||
|
Purchase of property, plant and equipment
|
(
|
(
|
(
|
|||||||||||||||||
|
Proceeds from sale of property, plant and equipment
|
|
|
|
|||||||||||||||||
|
Other investing activities, net
|
(
|
|
(
|
|||||||||||||||||
|
Net cash used in investing activities
|
(
|
(
|
(
|
|||||||||||||||||
|
Financing Activities
|
||||||||||||||||||||
|
Net proceeds from issuance of debt
|
|
|
|
|||||||||||||||||
|
Repayment of debt
|
(
|
(
|
(
|
|||||||||||||||||
|
Proceeds from issuance of commercial paper
|
|
|
|
|||||||||||||||||
|
Repayments of commercial paper
|
(
|
(
|
(
|
|||||||||||||||||
|
Purchases of company common stock
|
(
|
(
|
(
|
|||||||||||||||||
|
Dividends paid
|
(
|
(
|
(
|
|||||||||||||||||
|
Net proceeds from issuance of company common stock under employee stock plans
|
|
|
|
|||||||||||||||||
|
Other financing activities, net
|
(
|
(
|
(
|
|||||||||||||||||
|
Net cash provided by (used in) financing activities
|
|
(
|
(
|
|||||||||||||||||
|
Exchange Rate Effect on Cash
|
|
(
|
(
|
|||||||||||||||||
|
Increase in Cash, Cash Equivalents and Restricted Cash
|
|
|
|
|||||||||||||||||
|
Cash, Cash Equivalents and Restricted Cash at Beginning of Year
|
|
|
|
|||||||||||||||||
|
Cash, Cash Equivalents and Restricted Cash at End of Year
|
$ |
|
$ |
|
$ |
|
||||||||||||||
| Common Stock | Capital in Excess of Par Value | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Items | Total Shareholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||
| (In millions) | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||
| Balance at December 31, 2017 |
|
$ |
|
$ |
|
$ |
|
|
$ |
(
|
$ |
(
|
$ |
|
||||||||||||||||||||||||||||||||||||
|
Cumulative effect of accounting changes
|
— | — | — |
|
— | — |
(
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Issuance of shares under employees' and directors' stock plans
|
|
|
|
— |
|
(
|
— |
|
||||||||||||||||||||||||||||||||||||||||||
|
Stock-based compensation
|
— | — |
|
— | — | — | — |
|
||||||||||||||||||||||||||||||||||||||||||
|
Purchases of company common stock
|
— | — | — | — |
|
(
|
— |
(
|
||||||||||||||||||||||||||||||||||||||||||
|
Dividends declared ($
|
— | — | — |
(
|
— | — | — |
(
|
||||||||||||||||||||||||||||||||||||||||||
|
Net income
|
— | — | — |
|
— | — | — |
|
||||||||||||||||||||||||||||||||||||||||||
|
Other comprehensive items
|
— | — | — | — | — | — |
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||
|
Other
|
— | — |
|
— | — | — | — |
|
||||||||||||||||||||||||||||||||||||||||||
| Balance at December 31, 2018 |
|
|
|
|
|
(
|
(
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Cumulative effect of accounting changes
|
— | — | — |
|
— | — | — |
|
||||||||||||||||||||||||||||||||||||||||||
|
Issuance of shares under employees' and directors' stock plans
|
|
|
|
— |
|
(
|
— |
|
||||||||||||||||||||||||||||||||||||||||||
|
Stock-based compensation
|
— | — |
|
— | — | — | — |
|
||||||||||||||||||||||||||||||||||||||||||
|
Purchases of company common stock
|
— | — | — | — |
|
(
|
— |
(
|
||||||||||||||||||||||||||||||||||||||||||
|
Dividends declared ($
|
— | — | — |
(
|
— | — | — |
(
|
||||||||||||||||||||||||||||||||||||||||||
|
Net income
|
— | — | — |
|
— | — | — |
|
||||||||||||||||||||||||||||||||||||||||||
|
Other comprehensive items
|
— | — | — | — | — | — |
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||
| Balance at December 31, 2019 |
|
|
|
|
|
(
|
(
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Cumulative effect of accounting change
|
— | — | — |
(
|
— | — | — |
(
|
||||||||||||||||||||||||||||||||||||||||||
|
Issuance of shares under employees' and directors' stock plans
|
|
|
|
— |
|
(
|
— |
|
||||||||||||||||||||||||||||||||||||||||||
|
Stock-based compensation
|
— | — |
|
— | — | — | — |
|
||||||||||||||||||||||||||||||||||||||||||
|
Purchases of company common stock
|
— | — | — | — |
|
(
|
— |
(
|
||||||||||||||||||||||||||||||||||||||||||
|
Dividends declared ($
|
— | — | — |
(
|
— | — | — |
(
|
||||||||||||||||||||||||||||||||||||||||||
|
Net income
|
— | — | — |
|
— | — | — |
|
||||||||||||||||||||||||||||||||||||||||||
|
Other comprehensive items
|
— | — | — | — | — | — |
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||
| Balance at December 31, 2020 |
|
$ |
|
$ |
|
$ |
|
|
$ |
(
|
$ |
(
|
$ |
|
||||||||||||||||||||||||||||||||||||
| Year Ended December 31, | ||||||||||||||||||||
| (In millions) | 2020 | 2019 | 2018 | |||||||||||||||||
|
Balance at Beginning of Year
|
$ |
|
$ |
|
$ |
|
||||||||||||||
|
Cumulative effect of accounting change
|
|
— | — | |||||||||||||||||
|
Provision charged to expense
|
|
|
|
|||||||||||||||||
|
Accounts written off
|
(
|
(
|
(
|
|||||||||||||||||
|
Acquisitions, currency translation and other
|
|
(
|
|
|||||||||||||||||
|
Balance at End of Year
|
$ |
|
$ |
|
$ |
|
||||||||||||||
| December 31, | December 31, | |||||||||||||
| (In millions) | 2020 | 2019 | ||||||||||||
| Current Contract Assets, Net | $ |
|
$ |
|
||||||||||
| Noncurrent Contract Assets, Net |
|
|
||||||||||||
| Current Contract Liabilities |
|
|
||||||||||||
| Noncurrent Contract Liabilities |
|
|
||||||||||||
| Year Ended | ||||||||||||||
| December 31, | December 31, | |||||||||||||
| (In millions) | 2020 | 2019 | ||||||||||||
|
Balance at Beginning of Year
|
$ |
|
$ |
|
||||||||||
|
Provision charged to expense
|
|
|
||||||||||||
|
Usage
|
(
|
(
|
||||||||||||
|
Adjustments to previously provided warranties, net
|
(
|
(
|
||||||||||||
|
Currency translation
|
|
— | ||||||||||||
|
Balance at End of Year
|
$ |
|
$ |
|
||||||||||
| December 31, | December 31, | |||||||||||||
| (In millions) | 2020 | 2019 | ||||||||||||
| Raw Materials | $ |
|
$ |
|
||||||||||
| Work in Process |
|
|
||||||||||||
| Finished Goods |
|
|
||||||||||||
| Inventories | $ |
|
$ |
|
||||||||||
| December 31, | December 31, | |||||||||||||
| (In millions) | 2020 | 2019 | ||||||||||||
|
Land
|
$ |
|
$ |
|
||||||||||
|
Buildings and Improvements
|
|
|
||||||||||||
|
Machinery, Equipment and Leasehold Improvements
|
|
|
||||||||||||
|
Property, Plant and Equipment, at Cost
|
|
|
||||||||||||
|
Less: Accumulated Depreciation and Amortization
|
|
|
||||||||||||
|
Property, Plant and Equipment, Net
|
$ |
|
$ |
|
||||||||||
| Balance at December 31, 2020 | Balance at December 31, 2019 | |||||||||||||||||||||||||||||||||||||
| (In millions) | Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | ||||||||||||||||||||||||||||||||
|
Definite Lived:
|
||||||||||||||||||||||||||||||||||||||
|
Customer relationships
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
(
|
$ |
|
||||||||||||||||||||||||||
|
Product technology
|
|
(
|
|
|
(
|
|
||||||||||||||||||||||||||||||||
|
Tradenames
|
|
(
|
|
|
(
|
|
||||||||||||||||||||||||||||||||
|
Other
|
— | — | — |
|
(
|
|
||||||||||||||||||||||||||||||||
|
|
(
|
|
|
(
|
|
|||||||||||||||||||||||||||||||||
|
Indefinite Lived:
|
||||||||||||||||||||||||||||||||||||||
|
Tradenames
|
|
N/A |
|
|
N/A |
|
||||||||||||||||||||||||||||||||
|
In-process research and development
|
— | N/A | — |
|
N/A |
|
||||||||||||||||||||||||||||||||
|
|
N/A |
|
|
N/A |
|
|||||||||||||||||||||||||||||||||
|
Acquisition-related Intangible Assets
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
(
|
$ |
|
||||||||||||||||||||||||||
| (In millions) | ||||||||
| 2021 | $ |
|
||||||
| 2022 |
|
|||||||
| 2023 |
|
|||||||
| 2024 |
|
|||||||
| 2025 |
|
|||||||
| 2026 and Thereafter |
|
|||||||
| Estimated Future Amortization Expense of Definite-lived Intangible Assets | $ |
|
||||||
| (In millions) |
Life Sciences
Solutions |
Analytical
Instruments |
Specialty
Diagnostics |
Laboratory
Products and Services |
Total | |||||||||||||||||||||||||||
|
Balance at December 31, 2018
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||
|
Acquisitions
|
— |
|
— |
|
|
|||||||||||||||||||||||||||
|
Finalization of purchase price allocations for 2018 acquisitions
|
(
|
— | — | — |
(
|
|||||||||||||||||||||||||||
|
Sale of a business
|
— | — |
(
|
— |
(
|
|||||||||||||||||||||||||||
|
Currency translation
|
(
|
(
|
(
|
|
(
|
|||||||||||||||||||||||||||
|
Other
|
|
|
(
|
(
|
|
|||||||||||||||||||||||||||
|
Balance at December 31, 2019
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
Acquisition
|
|
— | — | — |
|
|||||||||||||||||||||||||||
|
Currency translation
|
|
|
|
(
|
|
|||||||||||||||||||||||||||
|
Balance at December 31, 2020
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||
| (In millions) | Brammer Bio | Other | Total | |||||||||||||||||
|
Purchase Price
|
||||||||||||||||||||
|
Cash paid
|
$ |
|
$ |
|
$ |
|
||||||||||||||
|
Cash acquired
|
(
|
— |
(
|
|||||||||||||||||
| $ |
|
$ |
|
$ |
|
|||||||||||||||
|
Net Assets Acquired
|
||||||||||||||||||||
|
Current assets
|
$ |
|
$ |
|
$ |
|
||||||||||||||
|
Property, plant and equipment
|
|
|
|
|||||||||||||||||
|
Definite-lived intangible assets:
|
||||||||||||||||||||
|
Customer relationships
|
|
— |
|
|||||||||||||||||
|
Product technology
|
|
|
|
|||||||||||||||||
|
Tradenames
|
|
— |
|
|||||||||||||||||
|
Goodwill
|
|
|
|
|||||||||||||||||
|
Other assets
|
|
— |
|
|||||||||||||||||
| Contract liabilities |
(
|
— |
(
|
|||||||||||||||||
|
Deferred tax liabilities
|
(
|
(
|
(
|
|||||||||||||||||
|
Other liabilities assumed
|
(
|
(
|
(
|
|||||||||||||||||
| $ |
|
$ |
|
$ |
|
|||||||||||||||
| (In millions) | Advanced Bioprocessing business | Other | Total | |||||||||||||||||
|
Purchase Price
|
||||||||||||||||||||
|
Cash paid
|
$ |
|
$ |
|
$ |
|
||||||||||||||
|
Fair value of contingent consideration
|
— |
|
|
|||||||||||||||||
|
Cash acquired
|
— |
(
|
(
|
|||||||||||||||||
| $ |
|
$ |
|
$ |
|
|||||||||||||||
|
Net Assets Acquired
|
||||||||||||||||||||
|
Current assets
|
$ |
|
$ |
|
$ |
|
||||||||||||||
|
Property, plant and equipment
|
|
— |
|
|||||||||||||||||
|
Definite-lived intangible assets:
|
||||||||||||||||||||
|
Customer relationships
|
|
— |
|
|||||||||||||||||
|
Product technology
|
|
|
|
|||||||||||||||||
|
Tradenames
|
|
— |
|
|||||||||||||||||
|
Indefinite-lived intangible assets:
|
||||||||||||||||||||
|
In-process research and development
|
— |
|
|
|||||||||||||||||
|
Goodwill
|
|
|
|
|||||||||||||||||
|
Other assets
|
— |
|
|
|||||||||||||||||
|
Deferred tax liabilities
|
(
|
— |
(
|
|||||||||||||||||
|
Other liabilities assumed
|
(
|
(
|
(
|
|||||||||||||||||
| $ |
|
$ |
|
$ |
|
|||||||||||||||
| (In millions) | 2020 | 2019 | 2018 | |||||||||||||||||
|
Revenues
|
||||||||||||||||||||
|
Consumables
|
$ |
|
$ |
|
$ |
|
||||||||||||||
|
Instruments
|
|
|
|
|||||||||||||||||
|
Services
|
|
|
|
|||||||||||||||||
|
Consolidated revenues
|
$ |
|
$ |
|
$ |
|
||||||||||||||
| (In millions) | 2020 | 2019 | 2018 | |||||||||||||||||
|
Revenues
|
||||||||||||||||||||
|
North America
|
$ |
|
$ |
|
$ |
|
||||||||||||||
|
Europe
|
|
|
|
|||||||||||||||||
|
Asia-Pacific
|
|
|
|
|||||||||||||||||
|
Other regions
|
|
|
|
|||||||||||||||||
|
Consolidated revenues
|
$ |
|
$ |
|
$ |
|
||||||||||||||
| (In millions) | 2020 | 2019 | 2018 | |||||||||||||||||
|
Revenues
|
||||||||||||||||||||
|
Life Sciences Solutions
|
$ |
|
$ |
|
$ |
|
||||||||||||||
|
Analytical Instruments
|
|
|
|
|||||||||||||||||
|
Specialty Diagnostics
|
|
|
|
|||||||||||||||||
|
Laboratory Products and Services
|
|
|
|
|||||||||||||||||
|
Eliminations
|
(
|
(
|
(
|
|||||||||||||||||
|
Consolidated revenues
|
|
|
|
|||||||||||||||||
|
Segment Income
|
||||||||||||||||||||
|
Life Sciences Solutions
|
|
|
|
|||||||||||||||||
|
Analytical Instruments
|
|
|
|
|||||||||||||||||
|
Specialty Diagnostics
|
|
|
|
|||||||||||||||||
|
Laboratory Products and Services
|
|
|
|
|||||||||||||||||
|
Subtotal reportable segments
|
|
|
|
|||||||||||||||||
|
Cost of revenues charges, net
|
(
|
(
|
(
|
|||||||||||||||||
|
Selling, general and administrative credits (charges), net
|
|
(
|
(
|
|||||||||||||||||
|
Restructuring and other (costs) income, net
|
(
|
|
(
|
|||||||||||||||||
|
Amortization of acquisition-related intangible assets
|
(
|
(
|
(
|
|||||||||||||||||
|
Consolidated operating income
|
|
|
|
|||||||||||||||||
| Interest income |
|
|
|
|||||||||||||||||
| Interest expense |
(
|
(
|
(
|
|||||||||||||||||
|
Other (expense) income, net
|
(
|
(
|
|
|||||||||||||||||
|
Income Before Income Taxes
|
$ |
|
$ |
|
$ |
|
||||||||||||||
|
Depreciation
|
||||||||||||||||||||
|
Life Sciences Solutions
|
$ |
|
$ |
|
$ |
|
||||||||||||||
|
Analytical Instruments
|
|
|
|
|||||||||||||||||
|
Specialty Diagnostics
|
|
|
|
|||||||||||||||||
|
Laboratory Products and Services
|
|
|
|
|||||||||||||||||
|
Consolidated depreciation
|
$ |
|
$ |
|
$ |
|
||||||||||||||
| (In millions) | 2020 | 2019 | 2018 | |||||||||||||||||
| Total Assets | ||||||||||||||||||||
|
Life Sciences Solutions
|
$ |
|
$ |
|
$ |
|
||||||||||||||
|
Analytical Instruments
|
|
|
|
|||||||||||||||||
|
Specialty Diagnostics
|
|
|
|
|||||||||||||||||
|
Laboratory Products and Services
|
|
|
|
|||||||||||||||||
|
Corporate/Other (a)
|
|
|
|
|||||||||||||||||
|
Consolidated total assets
|
$ |
|
$ |
|
$ |
|
||||||||||||||
| Capital Expenditures | ||||||||||||||||||||
|
Life Sciences Solutions
|
$ |
|
$ |
|
$ |
|
||||||||||||||
|
Analytical Instruments
|
|
|
|
|||||||||||||||||
|
Specialty Diagnostics
|
|
|
|
|||||||||||||||||
|
Laboratory Products and Services
|
|
|
|
|||||||||||||||||
|
Corporate/Other
|
|
|
|
|||||||||||||||||
|
Consolidated capital expenditures
|
$ |
|
$ |
|
$ |
|
||||||||||||||
| (In millions) | 2020 | 2019 | 2018 | |||||||||||||||||
|
Revenues
(b)
|
||||||||||||||||||||
|
United States
|
$ |
|
$ |
|
$ |
|
||||||||||||||
|
China
|
|
|
|
|||||||||||||||||
|
Other
|
|
|
|
|||||||||||||||||
|
Consolidated revenues
|
$ |
|
$ |
|
$ |
|
||||||||||||||
|
Long-lived Assets
(c)
|
||||||||||||||||||||
|
United States
|
$ |
|
$ |
|
$ |
|
||||||||||||||
|
Other
|
|
|
|
|||||||||||||||||
|
Consolidated long-lived assets
|
$ |
|
$ |
|
$ |
|
||||||||||||||
| 2020 | 2019 | 2018 | ||||||||||||||||||
|
Expected Stock Price Volatility
|
|
% |
|
% |
|
% | ||||||||||||||
|
Risk Free Interest Rate
|
|
% |
|
% |
|
% | ||||||||||||||
|
Expected Life of Options (years)
|
|
|
|
|||||||||||||||||
|
Expected Annual Dividend
|
|
% |
|
% |
|
% | ||||||||||||||
|
Shares
(in millions) |
Weighted Average Exercise Price |
Weighted Average Remaining Contractual Term
(in years) |
Aggregate Intrinsic
Value (a) (in millions) |
|||||||||||||||||||||||
|
Outstanding at December 31, 2019
|
|
$ |
|
|||||||||||||||||||||||
|
Granted
|
|
|
||||||||||||||||||||||||
|
Exercised
|
(
|
|
||||||||||||||||||||||||
|
Canceled/Expired
|
(
|
|
||||||||||||||||||||||||
|
Outstanding at December 31, 2020
|
|
$ |
|
|
||||||||||||||||||||||
|
Vested and Unvested Expected to Vest at December 31, 2020
|
|
$ |
|
|
$ |
|
||||||||||||||||||||
|
Exercisable at December 31, 2020
|
|
$ |
|
|
$ |
|
||||||||||||||||||||
|
Units
(in millions) |
Weighted
Average Grant-Date Fair Value |
|||||||||||||
|
Unvested at December 31, 2019
|
|
$ |
|
|||||||||||
|
Granted
|
|
|
||||||||||||
|
Vested
|
(
|
|
||||||||||||
|
Forfeited
|
(
|
|
||||||||||||
|
Unvested at December 31, 2020
|
|
$ |
|
|||||||||||
|
Domestic Pension
Benefits |
Non-U.S. Pension
Benefits |
Postretirement
Benefits |
||||||||||||||||||||||||||||||||||||
| (In millions) | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
|
Change in Projected Benefit Obligations
|
||||||||||||||||||||||||||||||||||||||
|
Benefit Obligation at Beginning of Year
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
|
Divestiture
|
— | — | — |
(
|
— | — | ||||||||||||||||||||||||||||||||
|
Service costs
|
— | — |
|
|
|
|
||||||||||||||||||||||||||||||||
|
Interest costs
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
|
Settlements
|
— | — |
(
|
(
|
— | — | ||||||||||||||||||||||||||||||||
|
Plan participants' contributions
|
— | — |
|
|
— | — | ||||||||||||||||||||||||||||||||
|
Actuarial (gains) losses
|
|
|
|
|
(
|
|
||||||||||||||||||||||||||||||||
|
Benefits paid
|
(
|
(
|
(
|
(
|
(
|
(
|
||||||||||||||||||||||||||||||||
|
Currency translation and other
|
— | — |
|
|
|
|
||||||||||||||||||||||||||||||||
|
Benefit Obligation at End of Year
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
|
Change in Fair Value of Plan Assets
|
||||||||||||||||||||||||||||||||||||||
|
Fair Value of Plan Assets at Beginning of Year
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
|
Divestiture
|
— | — | — |
(
|
— | — | ||||||||||||||||||||||||||||||||
|
Actual return on plan assets
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
|
Employer contribution
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
|
Settlements
|
— | — |
(
|
(
|
— | — | ||||||||||||||||||||||||||||||||
|
Plan participants' contributions
|
— | — |
|
|
— | — | ||||||||||||||||||||||||||||||||
|
Benefits paid
|
(
|
(
|
(
|
(
|
(
|
(
|
||||||||||||||||||||||||||||||||
|
Currency translation and other
|
— | — |
|
|
— | — | ||||||||||||||||||||||||||||||||
| Fair Value of Plan Assets at End of Year | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
|
Funded Status
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
||||||||||||||||||||||||||
|
Accumulated Benefit Obligation
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||
|
Amounts Recognized in Balance Sheet
|
||||||||||||||||||||||||||||||||||||||
|
Noncurrent assets
|
$ |
|
$ | — | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
|
Current liability
|
(
|
(
|
(
|
(
|
(
|
(
|
||||||||||||||||||||||||||||||||
|
Noncurrent liabilities
|
(
|
(
|
(
|
(
|
(
|
(
|
||||||||||||||||||||||||||||||||
|
Net amount recognized
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
||||||||||||||||||||||||||
|
Amounts Recognized in Accumulated Other Comprehensive Items
|
||||||||||||||||||||||||||||||||||||||
|
Net actuarial loss
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
|
Prior service credits
|
— | — |
(
|
(
|
(
|
(
|
||||||||||||||||||||||||||||||||
|
Net amount recognized
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
(
|
$ | — | ||||||||||||||||||||||||||
|
Domestic Pension
Benefits |
Non-U.S. Pension
Benefits |
Postretirement
Benefits |
||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||
|
Weighted Average Assumptions Used to Determine Projected Benefit Obligations
|
||||||||||||||||||||||||||||||||||||||
|
Discount rate for determining benefit obligation
|
|
% |
|
% |
|
% |
|
% |
|
% |
|
% | ||||||||||||||||||||||||||
|
Interest crediting rate for cash balance plans
|
|
% |
|
% |
|
% |
|
% | N/A | N/A | ||||||||||||||||||||||||||||
|
Average rate of increase in employee compensation
|
N/A | N/A |
|
% |
|
% | N/A | N/A | ||||||||||||||||||||||||||||||
|
Initial healthcare cost trend rate
|
|
% |
|
% | ||||||||||||||||||||||||||||||||||
|
Ultimate healthcare cost trend rate
|
|
% |
|
% | ||||||||||||||||||||||||||||||||||
| Domestic Pension Benefits | Non-U.S. Pension Benefits | |||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||
|
Weighted Average Assumptions Used to Determine Net Benefit Cost (Income)
|
||||||||||||||||||||||||||||||||||||||
|
Discount rate - service cost
|
N/A | N/A | N/A |
|
% |
|
% |
|
% | |||||||||||||||||||||||||||||
|
Discount rate - interest cost
|
|
% |
|
% |
|
% |
|
% |
|
% |
|
% | ||||||||||||||||||||||||||
|
Average rate of increase in employee compensation
|
N/A | N/A | N/A |
|
% |
|
% |
|
% | |||||||||||||||||||||||||||||
|
Expected long-term rate of return on assets
|
|
% |
|
% |
|
% |
|
% |
|
% |
|
% | ||||||||||||||||||||||||||
| Pension Plans | ||||||||||||||
| (In millions) | 2020 | 2019 | ||||||||||||
|
Pension Plans with Projected Benefit Obligations in Excess of Plan Assets
|
||||||||||||||
|
Projected benefit obligation
|
$ |
|
$ |
|
||||||||||
|
Fair value of plan assets
|
|
|
||||||||||||
| Pension Plans | ||||||||||||||
| (In millions) | 2020 | 2019 | ||||||||||||
|
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets
|
||||||||||||||
|
Accumulated benefit obligation
|
$ |
|
$ |
|
||||||||||
|
Fair value of plan assets
|
|
|
||||||||||||
| Domestic Pension Benefits | Non-U.S. Pension Benefits | |||||||||||||||||||||||||||||||||||||
| (In millions) | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
| Components of Net Benefit Cost (Income) | ||||||||||||||||||||||||||||||||||||||
|
Service cost-benefits earned
|
$ | — | $ | — | $ | — | $ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
|
|
(
|
(
|
(
|
(
|
(
|
(
|
||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
|
|
— | — | — |
(
|
(
|
— | ||||||||||||||||||||||||||||||||
|
|
— | — | — |
|
|
|
||||||||||||||||||||||||||||||||
|
Net periodic benefit cost (income)
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
| (In millions) |
Domestic
Pension Benefits |
Non-U.S.
Pension Benefits |
Post-
retirement Benefits |
|||||||||||||||||
| Expected Benefit Payments | ||||||||||||||||||||
| 2021 | $ |
|
$ |
|
$ |
|
||||||||||||||
| 2022 |
|
|
|
|||||||||||||||||
| 2023 |
|
|
|
|||||||||||||||||
| 2024 |
|
|
|
|||||||||||||||||
| 2025 |
|
|
|
|||||||||||||||||
| 2026-2030 |
|
|
|
|||||||||||||||||
| December 31, |
Quoted Prices
in Active Markets |
Significant
Other Observable Inputs |
Significant
Unobservable Inputs |
Not Subject to Leveling (a) | ||||||||||||||||||||||||||||
| (In millions) | 2020 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||||||||
|
Domestic Pension Plan Assets
|
||||||||||||||||||||||||||||||||
|
U.S. equity funds
|
$ |
|
$ | — | $ | — | $ | — | $ |
|
||||||||||||||||||||||
|
International equity funds
|
|
— | — | — |
|
|||||||||||||||||||||||||||
|
Fixed income funds
|
|
— | — | — |
|
|||||||||||||||||||||||||||
|
Money market funds
|
|
— | — | — |
|
|||||||||||||||||||||||||||
|
Total Domestic Pension Plans
|
$ |
|
$ | — | $ | — | $ | — | $ |
|
||||||||||||||||||||||
|
Non-U.S. Pension Plan Assets
|
||||||||||||||||||||||||||||||||
|
Equity funds
|
$ |
|
$ | — | $ | — | $ | — | $ |
|
||||||||||||||||||||||
|
Fixed income funds
|
|
— | — | — |
|
|||||||||||||||||||||||||||
|
Hedge funds
|
|
— | — | — |
|
|||||||||||||||||||||||||||
|
Multi-asset funds
|
|
— | — | — |
|
|||||||||||||||||||||||||||
|
Derivative funds
|
|
— | — | — |
|
|||||||||||||||||||||||||||
|
Alternative investments
|
|
— | — | — |
|
|||||||||||||||||||||||||||
|
Insurance contracts
|
|
— |
|
— | — | |||||||||||||||||||||||||||
|
Cash / money market funds
|
|
|
— | — |
|
|||||||||||||||||||||||||||
|
Total Non-U.S. Pension Plans
|
$ |
|
$ |
|
$ |
|
$ | — | $ |
|
||||||||||||||||||||||
| (a) Investments measured at the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. | ||||||||||||||||||||||||||||||||
| December 31, |
Quoted Prices
in Active Markets |
Significant
Other Observable Inputs |
Significant
Unobservable Inputs |
Not Subject to Leveling (a) | ||||||||||||||||||||||||||||
| (In millions) | 2019 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||||||||
|
Domestic Pension Plan Assets
|
||||||||||||||||||||||||||||||||
|
U.S. equity funds
|
$ |
|
$ | — | $ | — | $ | — | $ |
|
||||||||||||||||||||||
|
International equity funds
|
|
— | — | — |
|
|||||||||||||||||||||||||||
|
Fixed income funds
|
|
— | — | — |
|
|||||||||||||||||||||||||||
|
Money market funds
|
|
— | — | — |
|
|||||||||||||||||||||||||||
|
Total Domestic Pension Plans
|
$ |
|
$ | — | $ | — | $ | — | $ |
|
||||||||||||||||||||||
|
Non-U.S. Pension Plan Assets
|
||||||||||||||||||||||||||||||||
|
Equity funds
|
$ |
|
$ | — | $ | — | $ | — | $ |
|
||||||||||||||||||||||
|
Fixed income funds
|
|
— | — | — |
|
|||||||||||||||||||||||||||
|
Hedge funds
|
|
— | — | — |
|
|||||||||||||||||||||||||||
|
Multi-asset funds
|
|
— | — | — |
|
|||||||||||||||||||||||||||
|
Derivative funds
|
|
— | — | — |
|
|||||||||||||||||||||||||||
|
Alternative investments
|
|
— | — | — |
|
|||||||||||||||||||||||||||
|
Insurance contracts
|
|
— |
|
— | — | |||||||||||||||||||||||||||
|
Cash / money market funds
|
|
|
— | — |
|
|||||||||||||||||||||||||||
|
Total Non-U.S. Pension Plans
|
$ |
|
$ |
|
$ |
|
$ | — | $ |
|
||||||||||||||||||||||
| (a) Investments measured at the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. | ||||||||||||||||||||||||||||||||
| (In millions) | 2020 | 2019 | 2018 | |||||||||||||||||
| U.S. | $ |
|
$ |
|
$ |
|
||||||||||||||
| Non-U.S. |
|
|
|
|||||||||||||||||
| Income Before Income Taxes | $ |
|
$ |
|
$ |
|
||||||||||||||
| (In millions) | 2020 | 2019 | 2018 | |||||||||||||||||
| Current Income Tax Provision | ||||||||||||||||||||
| Federal | $ |
|
$ |
|
$ |
|
||||||||||||||
| Non-U.S. |
|
|
|
|||||||||||||||||
| State |
|
|
|
|||||||||||||||||
|
|
|
|
||||||||||||||||||
| Deferred Income Tax Provision (Benefit) | ||||||||||||||||||||
| Federal | $ |
(
|
$ |
(
|
$ |
(
|
||||||||||||||
| Non-U.S. |
(
|
(
|
(
|
|||||||||||||||||
| State |
(
|
(
|
(
|
|||||||||||||||||
|
(
|
(
|
(
|
||||||||||||||||||
|
Provision for Income Taxes
|
$ |
|
$ |
|
$ |
|
||||||||||||||
| (In millions) | 2020 | 2019 | 2018 | |||||||||||||||||
|
Statutory Federal Income Tax Rate
|
|
% |
|
% |
|
% | ||||||||||||||
|
Provision for Income Taxes at Statutory Rate
|
$ |
|
$ |
|
$ |
|
||||||||||||||
|
Increases (Decreases) Resulting From:
|
||||||||||||||||||||
|
Foreign rate differential
|
(
|
(
|
(
|
|||||||||||||||||
|
Income tax credits
|
(
|
(
|
(
|
|||||||||||||||||
|
Global intangible low-taxed income
|
|
|
|
|||||||||||||||||
|
Foreign-derived intangible income
|
(
|
(
|
(
|
|||||||||||||||||
|
Excess tax benefits from stock options and restricted stock units
|
(
|
(
|
(
|
|||||||||||||||||
|
Provision for (reversal of) tax reserves, net
|
(
|
|
(
|
|||||||||||||||||
|
Intra-entity transfers
|
— |
(
|
— | |||||||||||||||||
|
Foreign exchange loss on inter-company debt refinancing
|
(
|
(
|
— | |||||||||||||||||
| Domestication transaction |
(
|
— | — | |||||||||||||||||
|
Valuation allowance
|
|
(
|
|
|||||||||||||||||
|
Transition tax and other impacts of U.S. tax reform
|
— |
|
|
|||||||||||||||||
|
Withholding taxes
|
|
|
|
|||||||||||||||||
|
Basis difference on disposal of business
|
— |
|
— | |||||||||||||||||
|
Tax return reassessments and settlements
|
(
|
(
|
(
|
|||||||||||||||||
| State income taxes, net of federal tax |
|
|
|
|||||||||||||||||
|
Other, net
|
(
|
(
|
(
|
|||||||||||||||||
|
Provision for Income Taxes
|
$ |
|
$ |
|
$ |
|
||||||||||||||
| (In millions) | 2020 | 2019 | ||||||||||||
|
Deferred Tax Asset (Liability)
|
||||||||||||||
|
Depreciation and amortization
|
$ |
(
|
$ |
(
|
||||||||||
|
Net operating loss and credit carryforwards
|
|
|
||||||||||||
|
Reserves and accruals
|
|
|
||||||||||||
|
Accrued compensation
|
|
|
||||||||||||
|
Inventory basis difference
|
|
|
||||||||||||
| Deferred interest |
|
|
||||||||||||
|
Other capitalized costs
|
|
|
||||||||||||
|
Unrealized losses on hedging instruments
|
|
|
||||||||||||
|
Other, net
|
|
|
||||||||||||
|
Deferred tax assets (liabilities), net before valuation allowance
|
(
|
(
|
||||||||||||
|
Less: Valuation allowance
|
|
|
||||||||||||
|
Deferred tax assets (liabilities), net
|
$ |
(
|
$ |
(
|
||||||||||
| Year Ended December 31, | ||||||||||||||||||||
| (In millions) | 2020 | 2019 | 2018 | |||||||||||||||||
|
Balance at Beginning of Year
|
$ |
|
$ |
|
$ |
|
||||||||||||||
|
Additions (reductions) charged to income tax provision, net
|
|
(
|
|
|||||||||||||||||
|
Additions due to acquisitions
|
— | — |
|
|||||||||||||||||
|
Reduction due to a divestiture
|
— |
(
|
— | |||||||||||||||||
|
Deductions
|
— | — |
(
|
|||||||||||||||||
|
Currency translation and other
|
|
(
|
(
|
|||||||||||||||||
| Balance at End of Year | $ |
|
$ |
|
$ |
|
||||||||||||||
| (In millions) | 2020 | 2019 | 2018 | |||||||||||||||||
|
Balance at Beginning of Year
|
$ |
|
$ |
|
$ |
|
||||||||||||||
|
Reductions due to acquisitions
|
— | — |
(
|
|||||||||||||||||
|
Additions for tax positions of current year
|
|
|
|
|||||||||||||||||
|
Additions for tax positions of prior years
|
— |
|
|
|||||||||||||||||
|
Reductions for tax positions of prior years
|
(
|
(
|
— | |||||||||||||||||
|
Closure of tax years
|
— | — |
(
|
|||||||||||||||||
|
Settlements
|
(
|
(
|
(
|
|||||||||||||||||
|
Balance at End of Year
|
$ |
|
$ |
|
$ |
|
||||||||||||||
| (In millions except per share amounts) | 2020 | 2019 | 2018 | |||||||||||||||||
|
Net Income
|
$ |
|
$ |
|
$ |
|
||||||||||||||
|
Basic Weighted Average Shares
|
|
|
|
|||||||||||||||||
|
Plus Effect of: Stock options and restricted units
|
|
|
|
|||||||||||||||||
|
Diluted Weighted Average Shares
|
|
|
|
|||||||||||||||||
|
Basic Earnings per Share
|
$ |
|
$ |
|
$ |
|
||||||||||||||
|
Diluted Earnings per Share
|
$ |
|
$ |
|
$ |
|
||||||||||||||
| Antidilutive Stock Options Excluded from Diluted Weighted Average Shares |
|
|
|
|||||||||||||||||
| Effective Interest Rate at December 31, | December 31, | December 31, | ||||||||||||||||||
| (Dollars in millions) | 2020 | 2020 | 2019 | |||||||||||||||||
|
Floating Rate
|
$ | — |
|
|||||||||||||||||
|
|
|
% |
|
|
||||||||||||||||
|
|
|
% |
|
|
||||||||||||||||
|
|
|
% |
|
|
||||||||||||||||
|
|
|
% |
|
|
||||||||||||||||
|
|
|
% |
|
|
||||||||||||||||
|
|
|
% |
|
— | ||||||||||||||||
|
|
|
% |
|
|
||||||||||||||||
|
|
|
% |
|
|
||||||||||||||||
|
|
|
% |
|
|
||||||||||||||||
|
|
|
% |
|
|
||||||||||||||||
|
|
|
% |
|
|
||||||||||||||||
|
|
|
% |
|
— | ||||||||||||||||
|
|
|
% |
|
|
||||||||||||||||
|
|
|
% |
|
|
||||||||||||||||
|
|
|
% |
|
|
||||||||||||||||
|
|
|
% |
|
|
||||||||||||||||
|
|
|
% |
|
|
||||||||||||||||
|
|
|
% |
|
— | ||||||||||||||||
|
|
|
% |
|
|
||||||||||||||||
|
|
|
% |
|
— | ||||||||||||||||
|
|
|
% |
|
|
||||||||||||||||
|
|
|
% |
|
|
||||||||||||||||
|
|
|
% |
|
|
||||||||||||||||
|
|
|
% |
|
|
||||||||||||||||
|
|
|
% |
|
|
||||||||||||||||
|
Other
|
|
|
||||||||||||||||||
|
Total Borrowings at Par Value
|
|
|
||||||||||||||||||
|
Fair Value Hedge Accounting Adjustments
|
|
(
|
||||||||||||||||||
|
Unamortized Discount
|
(
|
(
|
||||||||||||||||||
|
Unamortized Debt Issuance Costs
|
(
|
(
|
||||||||||||||||||
|
Total Borrowings at Carrying Value
|
|
|
||||||||||||||||||
|
Less: Short-term Obligations and Current Maturities
|
|
|
||||||||||||||||||
|
Long-term Obligations
|
$ |
|
$ |
|
||||||||||||||||
| (In millions) | ||||||||
| 2021 | $ |
|
||||||
| 2022 |
|
|||||||
| 2023 |
|
|||||||
| 2024 |
|
|||||||
| 2025 |
|
|||||||
| 2026 and Thereafter |
|
|||||||
| $ |
|
|||||||
| Aggregate Notional Amount | Pay Rate as of | |||||||||||||||||||||||||
| (Dollars in millions) | Pay Rate |
December 31,
2020 |
Receive Rate | |||||||||||||||||||||||
| 3.00% Senior Notes due 2023 (a) | $ |
|
1-month LIBOR +
|
|
% |
|
% | |||||||||||||||||||
| Principal Value | ||||||||
| (In millions) | Redeemed | |||||||
|
|
€ |
|
||||||
|
|
$ |
|
||||||
|
|
$ |
|
||||||
| (In millions) | 2020 | 2019 | ||||||||||||
| Balance Sheet | ||||||||||||||
| ROU assets | $ |
|
$ |
|
||||||||||
| Operating lease liabilities - current |
|
|
||||||||||||
| Operating lease liabilities - noncurrent |
|
|
||||||||||||
| Statement of Income | ||||||||||||||
|
Operating lease costs
|
$ |
|
$ |
|
||||||||||
|
Variable lease costs
|
|
|
||||||||||||
| Statement of Cash Flows | ||||||||||||||
| Cash used in operating activities for payments of amounts included in the measurement of operating lease liabilities | $ |
|
$ |
|
||||||||||
| Operating lease ROU assets obtained in exchange for new operating lease liabilities |
|
|
||||||||||||
| Weighted Average at End of Year | ||||||||||||||
| Remaining operating lease term |
|
|
||||||||||||
| Discount rate |
|
% |
|
% | ||||||||||
| (In millions) | ||||||||
| 2021 | $ |
|
||||||
| 2022 |
|
|||||||
| 2023 |
|
|||||||
| 2024 |
|
|||||||
| 2025 |
|
|||||||
| 2026 and Thereafter |
|
|||||||
| Total Lease Payments |
|
|||||||
|
Less: Imputed Interest
|
|
|||||||
| Total Operating Lease Liability | $ |
|
||||||
| (In millions) |
Currency
Translation Adjustment |
Unrealized
Losses on Hedging Instruments |
Pension and
Other Postretirement Benefit Liability Adjustment |
Total | ||||||||||||||||||||||
| Balance at December 31, 2019 | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
||||||||||||||||||
|
Other comprehensive items before reclassifications
|
(
|
(
|
(
|
(
|
||||||||||||||||||||||
|
Amounts reclassified from accumulated other comprehensive items
|
— |
|
|
|
||||||||||||||||||||||
|
Net other comprehensive items
|
(
|
(
|
|
(
|
||||||||||||||||||||||
| Balance at December 31, 2020 | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
||||||||||||||||||
| December 31, |
Quoted
Prices in Active Markets |
Significant
Other Observable Inputs |
Significant
Unobservable Inputs |
|||||||||||||||||||||||
| (In millions) | 2020 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||
|
Assets
|
||||||||||||||||||||||||||
|
Cash equivalents
|
$ |
|
$ |
|
$ | — | $ | — | ||||||||||||||||||
|
Investments in common stock, mutual funds and other similar instruments
|
|
|
— | — | ||||||||||||||||||||||
|
Warrants
|
|
— |
|
— | ||||||||||||||||||||||
|
Insurance contracts
|
|
— |
|
— | ||||||||||||||||||||||
|
Derivative contracts
|
|
— |
|
— | ||||||||||||||||||||||
|
Total Assets
|
$ |
|
$ |
|
$ |
|
$ | — | ||||||||||||||||||
|
Liabilities
|
||||||||||||||||||||||||||
|
Derivative contracts
|
$ |
|
$ | — | $ |
|
$ | — | ||||||||||||||||||
|
Contingent consideration
|
|
— | — |
|
||||||||||||||||||||||
|
Total Liabilities
|
$ |
|
$ | — | $ |
|
$ |
|
||||||||||||||||||
| December 31, |
Quoted
Prices in Active Markets |
Significant
Other Observable Inputs |
Significant
Unobservable Inputs |
|||||||||||||||||||||||
| (In millions) | 2019 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||
|
Assets
|
||||||||||||||||||||||||||
|
Cash equivalents
|
$ |
|
$ |
|
$ | — | $ | — | ||||||||||||||||||
|
Investments in common stock, mutual funds and other similar instruments
|
|
|
— | — | ||||||||||||||||||||||
|
Warrants
|
|
— |
|
— | ||||||||||||||||||||||
|
Insurance contracts
|
|
— |
|
— | ||||||||||||||||||||||
|
Derivative contracts
|
|
— |
|
— | ||||||||||||||||||||||
|
Total Assets
|
$ |
|
$ |
|
$ |
|
$ | — | ||||||||||||||||||
|
Liabilities
|
||||||||||||||||||||||||||
|
Derivative contracts
|
$ |
|
$ | — | $ |
|
$ | — | ||||||||||||||||||
|
Contingent consideration
|
|
— | — |
|
||||||||||||||||||||||
|
Total Liabilities
|
$ |
|
$ | — | $ |
|
$ |
|
||||||||||||||||||
| (In millions) | 2020 | 2019 | ||||||||||||
|
Contingent Consideration
|
||||||||||||||
|
Balance at Beginning of Year
|
$ |
|
$ |
|
||||||||||
|
Acquisitions (including assumed balances)
|
|
|
||||||||||||
|
Payments
|
(
|
(
|
||||||||||||
|
Changes in fair value included in earnings
|
(
|
(
|
||||||||||||
|
Balance at End of Year
|
$ |
|
$ |
|
||||||||||
| December 31, | December 31, | |||||||||||||
| (In millions) | 2020 | 2019 | ||||||||||||
| Notional Amount | ||||||||||||||
|
Interest rate swaps - fair value hedges (described in Note 10)
|
$ |
|
$ |
|
||||||||||
|
Cross-currency interest rate swaps - designated as net investment hedges
|
|
|
||||||||||||
|
Currency exchange contracts
|
|
|
||||||||||||
| Fair Value – Assets | Fair Value – Liabilities | |||||||||||||||||||||||||
| December 31, | December 31, | December 31, | December 31, | |||||||||||||||||||||||
| (In millions) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
|
Derivatives Designated as Hedging Instruments
|
||||||||||||||||||||||||||
|
Interest rate swaps (a)
|
$ |
|
$ | — | $ | — | $ |
|
||||||||||||||||||
|
Cross-currency interest rate swaps (a)
|
— |
|
|
— | ||||||||||||||||||||||
|
Derivatives Not Designated as Hedging Instruments
|
||||||||||||||||||||||||||
|
Currency exchange contracts (b)
|
|
|
|
|
||||||||||||||||||||||
|
Total Derivatives
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
| Carrying Amount of the Hedged Liability | Cumulative Amount of Fair Value Hedging Adjustment - Increase (Decrease) Included in Carrying Amount of Liability | |||||||||||||||||||||||||
| December 31, | December 31, | December 31, | December 31, | |||||||||||||||||||||||
| (In millions) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
| Long-term Obligations | $ |
|
$ |
|
$ |
|
$ |
(
|
||||||||||||||||||
| Gain (Loss) Recognized | ||||||||||||||
| (In millions) | 2020 | 2019 | ||||||||||||
|
Fair Value Hedging Relationships
|
||||||||||||||
|
Interest rate swaps
|
||||||||||||||
|
Hedged long-term obligations - included in other expense, net
|
$ |
(
|
$ |
(
|
||||||||||
|
Derivatives designated as hedging instruments - included in other expense, net
|
|
|
||||||||||||
|
Derivatives Designated as Cash Flow Hedges
|
||||||||||||||
|
Interest rate swaps
|
||||||||||||||
|
Included in unrealized losses on hedging instruments within other comprehensive items
|
(
|
(
|
||||||||||||
|
Amount reclassified from accumulated other comprehensive items to other expense, net
|
(
|
(
|
||||||||||||
|
Financial Instruments Designated as Net Investment Hedges
|
||||||||||||||
|
Foreign currency-denominated debt
|
||||||||||||||
|
Included in currency translation adjustment within other comprehensive items
|
(
|
|
||||||||||||
|
Cross-currency interest rate swaps
|
||||||||||||||
|
Included in currency translation adjustment within other comprehensive items
|
(
|
|
||||||||||||
|
Included in other expense, net
|
|
|
||||||||||||
|
Derivatives Not Designated as Hedging Instruments
|
||||||||||||||
|
Currency exchange contracts
|
||||||||||||||
|
Included in cost of product revenues
|
(
|
|
||||||||||||
|
Included in other expense, net
|
(
|
|
||||||||||||
|
Cross-currency interest rate swaps
|
||||||||||||||
|
Included in other expense, net
|
(
|
— | ||||||||||||
| December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||
| Carrying | Fair | Carrying | Fair | |||||||||||||||||||||||
| (In millions) | Value | Value | Value | Value | ||||||||||||||||||||||
|
Debt Obligations:
|
||||||||||||||||||||||||||
|
Senior notes
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
|
Other
|
|
|
|
|
||||||||||||||||||||||
| $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
| (In millions) | 2020 | 2019 | 2018 | |||||||||||||||||
|
Cash Paid For:
|
||||||||||||||||||||
|
Interest
|
$ |
|
$ |
|
$ |
|
||||||||||||||
|
Income Taxes
|
|
|
|
|||||||||||||||||
|
Non-cash Investing and Financing Activities
|
||||||||||||||||||||
|
Acquired but unpaid property, plant and equipment
|
|
|
|
|||||||||||||||||
|
Declared but unpaid dividends
|
|
|
|
|||||||||||||||||
|
Issuance of stock upon vesting of restricted stock units
|
|
|
|
|||||||||||||||||
| December 31, | December 31, | |||||||||||||
| (In millions) | 2020 | 2019 | ||||||||||||
| Cash and Cash Equivalents | $ |
|
$ |
|
||||||||||
|
|
|
|||||||||||||
|
|
|
|||||||||||||
| Cash, Cash Equivalents and Restricted Cash | $ |
|
$ |
|
||||||||||
| (In millions) |
Cost of
Revenues |
Selling,
General and Administrative Expenses |
Restructuring
and Other Costs, Net |
Total | ||||||||||||||||||||||
|
Life Sciences Solutions
|
$ | — | $ |
(
|
$ |
|
$ |
|
||||||||||||||||||
|
Analytical Instruments
|
— | — |
|
|
||||||||||||||||||||||
|
Specialty Diagnostics
|
— |
(
|
|
(
|
||||||||||||||||||||||
|
Laboratory Products and Services
|
|
|
|
|
||||||||||||||||||||||
|
Corporate
|
— |
|
|
|
||||||||||||||||||||||
| $ |
|
$ |
(
|
$ |
|
$ |
|
|||||||||||||||||||
| (In millions) |
Cost of
Revenues |
Selling,
General and Administrative Expenses |
Restructuring
and Other Costs (Income), Net |
Total | ||||||||||||||||||||||
|
Life Sciences Solutions
|
$ |
|
$ | — | $ |
|
$ |
|
||||||||||||||||||
|
Analytical Instruments
|
— |
|
|
|
||||||||||||||||||||||
|
Specialty Diagnostics
|
— |
|
(
|
(
|
||||||||||||||||||||||
|
Laboratory Products and Services
|
|
|
|
|
||||||||||||||||||||||
|
Corporate
|
— |
(
|
|
|
||||||||||||||||||||||
| $ |
|
$ |
|
$ |
(
|
$ |
(
|
|||||||||||||||||||
| (In millions) |
Cost of
Revenues |
Selling,
General and Administrative Expenses |
Restructuring
and Other Costs, Net |
Total | ||||||||||||||||||||||
|
Life Sciences Solutions
|
$ |
|
$ |
|
$ |
(
|
$ |
(
|
||||||||||||||||||
|
Analytical Instruments
|
|
|
|
|
||||||||||||||||||||||
|
Specialty Diagnostics
|
— |
|
(
|
|
||||||||||||||||||||||
|
Laboratory Products and Services
|
|
|
|
|
||||||||||||||||||||||
|
Corporate
|
— |
(
|
|
(
|
||||||||||||||||||||||
| $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
| (In millions) | Total (a) | |||||||
| Balance at December 31, 2017 | $ |
|
||||||
|
Net restructuring charges incurred in 2018 (b)
|
|
|||||||
|
Payments
|
(
|
|||||||
|
Currency translation
|
(
|
|||||||
| Balance at December 31, 2018 |
|
|||||||
|
Cumulative effect of accounting change (c)
|
(
|
|||||||
|
Net restructuring charges incurred in 2019 (d)
|
|
|||||||
|
Payments
|
(
|
|||||||
|
Currency translation
|
(
|
|||||||
| Balance at December 31, 2019 |
|
|||||||
|
Net restructuring charges incurred in 2020 (e)
|
|
|||||||
|
Payments
|
(
|
|||||||
|
Currency translation and other
|
(
|
|||||||
| Balance at December 31, 2020 | $ |
|
||||||